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BalticLegal Offline

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12.05.2023 13:09
Company Register of Lithuania Antworten

The tendency of Latvian entrepreneurs to set up companies in other Baltic States is becoming more common. Lithuania's accession to the European Union (EU) in 2004 provided not only additional advantages for companies on the territory of Lithuania, but also in the member states of the EU and the countries that are members of the Commonwealth of Independent States are an opportunity for more successful development of economic relations between Latvia and Lithuania.

Registration of Lithuanian companies is carried out by the State Registration Center. The registry center is a state-owned company with limited civil liability. It was established on July 8, 1997 by the Ministry of Justice of the Republic of Lithuania with state funds.

The main function of the registry center is the administration of the following three main registries of the state:

real estate register;
register of legal entities;
address register.
The Center for Registers took over responsibility for the registration of legal entities from local governments in 2004; However, company data has been recorded by the register since 1990.
In fact, the register center in the Lithuanian public sector is considered to be an excellent example of creating and developing a system of register databases.
The Ministry of Justice of the Republic of Latvia believes that the most suitable form of company for the management, maintenance and development of registers is precisely a state-owned company that can generate profits, as it offers more opportunities to improve the efficiency of the registration process. In contrast to the institutions funded from the state budget, a state-owned company also has the opportunity to attract suitable information technology (IT) specialists and ensure the development of IT.

Register of legal entities
The register contains complete information and historical data on the form and status of legal entities, their areas of activity, size, as well as information on representatives, members, governing bodies and obtained licenses, etc. of legal entities. Since 2004, most companies have had to comply with the obligation to submit annual financial reports to the register. In addition, since 2010, private limited companies are required to prepare a list of shareholders by submitting this information to the registry center.
In practice, the Register of Legal Entities applies the principles of transparency and publicity, as information on legal entities – companies, institutions and non-governmental organizations – is public.

Extracts from the register of legal entities, annual reports, lists of shareholders or other documents, such as minutes of board meetings, are kept in the archives of the register center and are available to all interested persons. This is a paid service.

2010. In 2010, the Registration Center launched online electronic registration of legal entities. Since no documents are submitted in written form when using this service, a secure electronic signature is required. Until now, online registration of legal entities was only available to Lithuanian citizens, but the Center for Registers is actively working to ensure equal opportunities for foreign investors to use this service. That is why the e-guide for company formation is now being launched in Lithuania to provide foreign clients with the necessary support by providing them with information on how to carry out incorporation and registration procedures.

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